Mr Shetty, who was present at an event held on World No Tobacco Day for the Cancer Patients Aid Association on Saturday, was asked about his next project as the fans were "missing" him. He said: "Let them miss me more. Next month, I will announce what I am doing."
When asked about the remake of Ram Lakhan and its casting, he said: "We are not doing it. Me and Karan are doing something else. Very soon, we'll tell you what we are doing."
However, it's not yet clear if the film is completely shelved or temporarily put on hold.
Mr Shetty's last film was Dilwale which starred Shah Rukh Khan, Kajol, Varun Dhawan and Kriti Sanon and released in 2015.